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20130112
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, jack lew, to be his next treasury secretary. outgoing treasury secretary tim geithner should be there also. >> spearing tough fiscal fights with congress and his choice is raising questions about how independent the new treasury chief will be from the white house. steve liesman taking a close are look at this. steve, how independent are they and when they get too independent as paul o'neill did, they get fired. >> very good point. one is how much independence they exercise in office but the other is the chief criticism of jack lew so far is how much independence he brings to the job before he takes the office. the issue is when you think about the past seven treasury secretaries they've all come to the office in their resume with a bit of intendens, which leads you to something other than politics at the white house. let's go through it now. lloyd benson back in 1939 appointed by clinton, he was politically right of center of president clinton. that was the one thing. robert rubin came from goldman sac sachs. it was something other than political. larry summers, appointed by
secretary tim geithner, who by virtue of being treasury secretary is also the guy who gets to sign our money. when mr. geithner became treasury secretary, he changed his signature. he changed it from the rather lovely loop de loops on the left to the fifth grader's cursive timothy f. geithner you see on the right. here he is explaining why. >> i think on the dollar bill i had to write something that people could read my name. i didn't try for elegance. i just tried for elegance. >> because mrs. quigley, the first grade writing teach worry have given me an "f" on that. >> i took third grade in new delhi, india. >> whether it is foreign penmanship instruction or something weirder, tim geithner's changed signature never got nearly the attention that his successor's signature received. all of the media got fixated on a signature that is loopier than tim geithner's original signature. this is jack lew. all signs point to president obama nominating him to replace tim geithner. and if he is nominated and confirmed, that will mean that our money might end up looking like this. because that is jack l
way. he is not the sweet talker that tim geithner that republicans are. the easy thing about him, i think you are right. he is far more ideological than that, he is not like tim geithner. he is head of the new york fed. he is well versed in the new york currency and you have a life long budgeteer. can i add to that? i want to say something about out going. i have the highest regard for them. his financial knowledge was excellent. his knowledge of the whole banking arena. and i'll tell you this too, while i disagreed with him on fiscal issues. he and i had a great personal relationship. what i understand is, he does not have a personal relationship and doesn't know how to deal with people on the other side of the i'll. and that on top of his personal experience to me makes this a poor choice. >> on financial experience i'll grant you some points. this is a guy who has been negotiating complicated deals for 20 years. on the hill in the reagan years, and because there were these tough opepisodes, i would reall take that off your list. >> according to that book, he helped sabotage, he w
, you may have disagreed with tim geithner, but at least he ran the new york fed. he knew the players, the wall street bankers, the issues. of the company's work. what is he going to tell us? i think it is rare for him to be in charge of the treasury. >> he has a great head of hair, which for i am calling from counts for a lot. [laughter] >> obviously has the confidence of the president of the portfolio, the treasury, the secretary of the treasury is enormously crucial. and one would hope that we are going to get the that we need all the things we have talked about, the segment on entitlement reform, the gst, the growth pattern in this economy which is absolutely appalling. gerri: and the labor department, the leaders in that, the positions are opening up. it will be interesting to see if that woman is replaced by a fellow. thank you for coming on. great job. thank you. >> thank you. gerri: now the latest developments on the story we brought you yesterday. aig. now, the company itself will not be joining a $25 billion shareholder lawsuit against the u.s. government over the terms of t
daley. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or not. but for the moment, he knows where he is and where he wants to go. and he's picking somebody who can help them achieve his agenda. >> you know, the thing you point out, that this is a situation where business leaders probably wanted one of their own, they may argue they want somebody in there looking for pro growth policies. but maybe more important is somebody who was very familiar with the financial markets. that was somebody that tim geithner created a lot of confidence because he knew the markets so well, knew the underworkings. and when there were big issues, you knew there was some
remaining stake in gm. >> the president could name a new treasury secretary to replace tim geithner as early as this week. former fdic chair sheila bair is here on what that could mean for the debt ceiling debate. >>> another day, another bank call. this one, though, in the opposite end of the spectrum from what we've gotten recently. credit suisse downgrading bank of america citing valuation cause for concern. pleasure to have you with us. >> thanks for having me. >> seems like the primary driver behind this is the huge run we've seen in bank of america, the fact that right now it's trading at a multiple of 2013 earnings that exceeds jpmorgan as well as citi. does that imply that where citi and jpmorgan are trading, is that where bank of america should be trading? >> no, it's not at all. because bank of america does have a lot of cost reduction opportunities. on 2014 estimates, it's only one multiple point difference than 2 1/2. it narrows over time. but the issue really is, you know, are those cost cuts going to come in a straight line and could there be any interruptions. >> this almost s
to chuck hagel. no change in diversity there. cia director from petraeus to john brennan, no change. tim geithner to jack lou, no change there. john kerry is nominated to replace secretary of state hillary clinton, that's one less woman, the possible replacement with ashton carter, one less minority. and head of the epa lisa jackson, the first black woman to hold that title, her replacement is unknown. of hundreds of senior appoint ees and nominees, 48% were minority or women according to the national journal. and 13 out of 22 of his first cabinet members were diverse. that's a record. but it's not only about ethnicity and gender, the president could potentially nominate the first openly gay cabinet member. he could choose more with business executive experience. his team head count dropped 25% on that measure. age diversity is an issue too. right now two-thirds of obama's team are baby boomers. history shows cabinet choices have lasting effects, madeleine albright's nomination was followed by 15 years of diverse secretaries of state. farther back, president lincoln's cabinet strategy as
that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to flirt with default. we saw what happened in the summer of 2011 when congress did flirt with default. >> and i think we can conclude from the fiscal cliff debate, maria, is that congress and the white house won't reach an agreement before they absolutely have to, and don't rule out possibility that the white house could yet invoke constitutional authority to unilaterally raise that debt limit if congress is not willing to play ball with them. >> we'll be wag. thanks very much. how far can washington push this debt ceiling fight before damage i
a comprehensive review. highlights from the news conference coming up. what does the future hold for tim geithner for his model for tackling the problems? this morning's early movers here on wall street. where is flo? anybody know where flo is? are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. >>> take a look at the dow map. boeing one of the biggest losers at this hour. it is down by 1.8%. we continue to monitor the faa conference out of washington. we will bring you the latest as soon as we have it. bank of america, no surprise there. wells fargo earnings dealing with softness down as well. wells fargo is down by 1.8%. >> trying to accumulate during the break some analysis of wells fargo. they're saying, listen, 10% annualized loan growth, not as bad
considered failures. tim geithner's tenure has been controversial but i think broadly speaking what he did to write the financial system will be considered a tremendous achievement in the annals of economic policy-making. but again, they are in something of a rut, i think, in their economic policy-making at this point, and particularly in their approach to dealing with republicans. a lot of that, i'd say frankly the bulk of that blame falls on the house republicans and john boehner. but it's nevertheless a case that they just put somebody into the treasury department who they intend to have lead a lot of their budget battles who john boehner at this point essentially refuses to work with. during the 2011 negotiations, they said boehner and the republicans said we just don't want to deal with lew anymore. we don't feel we can get him to say yes to us. now, to some degree that might be because lew is reflecting the will of the president, but i just think there's a kind of a siege mentality a little bit at the white house that's showing up in their appointments, which is understandable, but i
attain to. >> exactly. >> tim geithner who apparently jeff sessions thinks is a great guy, he was at the fed while this stuff was going down. he was part of the clinton administration that deregulated wall street that allowed the whole thing to go down. and yet now he's got gravitas. all of them are tainted, whether it's by bonuses or policy setting. you know, jack lew is one of the less offensive, maybe totally inoffensive thing -- the only thing people are objecting to is the signature. that tells you something. >> what do you make of, say, jeffrey sachs arguing a couple days ago that there's a problem having wall street people going to the treasury because, you know, you've got foxes guarding the henhouse? >> there are two pieces -- actually now like three or four pieces of financial regulation. treasury deals with part of it, but they also have to deal with all sorts of economic policy including maintaining confidence in the financial markets. that used to be one of the big roles that people like bob ruben were to be able to do. there are multiple roles treasury secretary
that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >> we had three trade deals done and we're now executing them. we had a record deal in c colombia. still banks think of colombia 10 years ago, not 21st century. it's been a strong market for energy and small business. >> where are we in small business? what's the left you'd like to see done? >> free-trade agreements? >> yes. >> i leave that to the trade reps. i think trade agreements are hard to do. look how long it took to get the last three done. they're just really hard to do. there's a lot of discussion. what i'm really focused on is emerging markets where we step in at the export import bank and close those deals. seeing a lot of
Search Results 0 to 14 of about 15 (some duplicates have been removed)

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